Global EV sales growth slowest since Feb 2024 on China plateau, US policy changes

Core Insights - Global electric vehicle (EV) sales experienced the slowest growth rate since February 2024, primarily due to a plateau in China and the end of an EV tax credit scheme in the United States, leading to a projected decline in North America for the first time since 2019 [1][4]. Group 1: Sales Performance - Global EV registrations rose by 6% to just under 2 million units in November 2024 [4]. - In China, EV registrations increased by 3% to over 1.3 million, marking the lowest year-on-year growth since February 2024 [4]. - North American EV registrations fell by 42% to just over 100,000 cars sold, reflecting a similar decline in October due to the expiration of U.S. tax credits, with a year-to-date decrease of 1% [4]. - Europe saw a 36% increase in EV registrations, totaling more than 400,000, while the rest of the world experienced a 35% rise to nearly 160,000 registrations [5]. Group 2: Market Dynamics - The transition to electric transport is deemed essential for reducing CO2 emissions, yet car manufacturers and governments have retracted some green commitments due to slower-than-expected EV adoption, which poses risks to jobs and profit margins [3]. - The U.S. market is expected to see a decrease in EV sales next year, heavily influenced by the removal of tax credits [6]. - In China, reduced government subsidies towards the end of the year are anticipated to negatively impact consumer sentiment [8].